UK Export Finance puts billions behind British exporters
Date published:
Hundreds of UK businesses ranging from suppliers of solar batteries to life-saving medical equipment have benefited from £6.5 billion in UK Export Finance (UKEF) support over the last year as they attempt to break into international markets.
As the UK’s export credit agency, UKEF provides government-backed loans, guarantees and insurance so that firms across sectors such as life sciences, clean energy and advanced manufacturing can grasp overseas export opportunities that they could not otherwise access.
The value of all UKEF support added up to £4.1 billion to the economy in the last year. Since 2021, it has provided £13.9 billion to businesses and supported up to 127,000 jobs.
Business and Trade Secretary, Kemi Badenoch, said: “Whether it’s supporting the construction of hospitals in Africa or supplying next generation all-electric quad bikes to North America, demand for British products and services remains high. UKEF is playing a major role in connecting local firms from all corners of the UK with exciting opportunities beyond our shores where their expertise is needed.”
Overall, UKEF is now supporting more SMEs than at any time in the last 30 years with 84% of firms directly supported with a UKEF product being small and medium-sized businesses, while 82% are located outside of London.
Many of UKEF’s SME customers over the last 12 months were supported through its General Export Facility (link below) — a platform that gives smaller firms access to trade finance options up to £25 million, without the need of a specific export contract.
UKEF’s capacity has been raised by £10 billion to £60 billion in 2023–24 to help even more businesses to export.